5/15/2009 @ 5:45PM

Where The Jobs Are: Accounting

Margaret Kelly was 55 and had been a registered dietitian for 28 years when she decided it was time for a career change. She asked herself what she liked most about her job managing the food department for a hospital, and realized her favorite part was working on the budget.

She already had a bachelor of science degree, and she wanted to spend as little time out of the workforce as possible, so she went for a two-year associate’s degree in accounting at a local community college near her home in a suburb of Denver. In a year and a half she was interning at a local public accountant’s office. A few months later she had a full-time position at a restaurant firm, doing accounts payable, accounts receivable, payroll and the monthly closing of the books.

It’s a career choice that has sustained her well over the last 10 years, particularly when she had a job as an accountant for her husband’s electronic sales business and realized she didn’t want to follow him into retirement. She quickly found a place at a construction firm.

That’s how the accounting industry is. Every business, large and small, needs accountants, in good times and bad, so opportunities stay abundant. With additional education, there’s plenty of upward mobility. That’s especially appealing at a time when unemployment nationwide has climbed to 8.9% from 5% a year ago.

The Bureau of Labor Statistics projects that the number of jobs for accountants and auditors will grow 18% between 2006 and 2016, faster than most occupations. “By 2016 there will be a dramatic need for more accountants,” says Bill Demario, chief operating officer of Ajilon Professional Staffing. “Over the last six months the nation has lost at least 500,000 jobs a month–but when you look at accounting, the profession has added 3,000 jobs a month.”

There are a number of reasons why accounting is growing even now. Not only are accountants needed at every company, no matter what the industry, but publicly traded companies are required by law to hire outside certified public accountants to conduct external audits.

Furthermore, now that everyone knows that murky accounting practices helped fuel the subprime mortgage mess, there’s increased demand for forensic accountants, who investigate fraud. The Obama administration is proposing a slew of additional regulations for companies in several industries–that too will mean more oversight by accountants. And more and more baby boomers will retire over the next decade.

As Kelly was happy to learn, you can get re-trained at any age. She chose to pursue her two-year associate’s degree full time, but many community colleges offer night and weekend classes. With an associate’s degree, you can apply for positions such as bookkeeping, accounts payable and receivable and payroll. A starting salary, depending on where you are, is likely to run between $25,000 and $35,000.

The job prospects and the salaries get more enticing with a master’s degree, which several schools now offer in accelerated programs that run between nine and 15 months. Two schools with accelerated programs are the University of North Carolina at Chapel Hill and the University of Southern California. “Graduates of master’s in accounting programs are highly sought-after people who usually wind up at public accounting firms,” says Denny Reigle, director of academic and career development at the American Institute of Certified Public Accountants.

Most graduates take the four-part certified public accountant exam while working full time; many companies even pay for all or part of the review class and tests. In order to become credentialed you have to pass the test within 18 months of taking the first piece of it. Before you can even do that, in most states you have to have 150 semester hours under your belt, but these can include undergraduate time.

CPAs have many employment options. They can work for corporations, private clients, nonprofits and government offices, handling things like tax matters, financial analysis and employee health care benefits. Those who specialize as management accountants record and analyze the financial information of companies, give corporate executives the data they need to make sound business decisions, and prepare financial reports for stockholders, creditors, regulatory agencies and tax authorities.

Those who specialize as internal auditors verify the effectiveness of their organizations’ internal controls and check for mismanagement, waste and fraud. Government accountants and auditors maintain and examine the records of government agencies and audit private businesses and individuals whose activities are subject to government regulation or taxation.

Salaries for CPAs generally start at around $55,000, and they go much higher depending on region and specialty.

Kelly, now 66, says she would have done more training had she started younger. Still, she’s very glad she decided to switch fields, especially now that there’s so much uncertainty in the economy.

“I don’t miss being a dietitian,” she says. “I’m really happy with what I’m doing.”